101. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
102. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
103. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
104. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31:
105. Responsibility accounting reports for profit centers will include
A. costs.
B. revenues.
C. expenses and fixed assets.
D. revenues, expenses, net income or loss from operations.
106. Some organizations use internal service departments to provide like services to several divisions or departments within an organization. Which of the following would probably not lend itself as a service department?
A. Inventory Control
B. Payroll Accounting
C. Information Systems
D. Human Resources
107. The following is a measure of a manager’s performance working in a profit center.
A. balance sheet
B. rate of return and residual income measures
C. budget performance report
D. divisional income statements
108. Which of the following would not be considered an internal centralized service department?
A. Payroll accounting department
B. Manufacturing department
C. Information systems department
D. Purchasing department
109. Avey Corporation had $275,000 in invested assets, sales of $330,000, income from operations amounting to $49,500 and a desired minimum rate of return of 7.5%. The rate of return on investment for Avey Corporation is:
A. 8%
B. 10%
C. 18%
D. 7.5%
110. Mason Corporation had $650,000 in invested assets, sales of $700,000, income from operations amounting to $99,000, and a desired minimum rate of return of 15%.
The profit margin for Mason is:
A. 7.1%
B. 20%
C. 15.2%
D. 14.1%